GBP/USD – selling to gather pace

Galore of Trend lines on the hourly chart

GBPUSD H1 (04-08-2016 0030).png

I have noted four falling trend lines and a symmetrical triangle.

GBP’s failure to take out plum trend line followed by a bearish break from symmetrical triangle could see the spot test 1.40 handle. A break appears likely, thus exposing support at 1.3924.

On the higher side, only an hourly close back above symmetrical triangle resistance seen at 1.4145 wud indicate a short-term bottom is in place at 1.40, although bullish break wud be confirmed only in case of  break abv falling trend line black.

 

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